2024-07-31-accounts

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024

CONTENTS

		Page	Page
Trustees' Report	1	to	6
Independent Auditors' Report	7	to	9
Statement of Financial Activities		10
Balance Sheet		11
Statement of Cash Flows		12
Notes to the Accounts	13 to 21	13 to 21	13 to 21

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

Charity registration number	1073416
Principal address	The Peak
	5Wilton Road
	London
	SW1V 1AP
University Trustees	Mr D I Callaghan
	Professor I P Dewing
	Professor D Maguire
External Trustees	H ON& V Trustee Ltd
	Mr P Hesketh
	Mr JC Burns
Auditors	Crowe U.K. LLP
	55Ludgate Hill
	London
	EC4M 7JW
Solicitors	BOB Pitmans LLP
	1 Bartholomew Close
	London
	EC1A ?BL
Investment managers	Cazenave Capital Management Limited
	1 London Wall Place
	London
	EC2Y 5AU

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

Structure Governance and Management

Governing document	The Sainsbury Institute for the Study of Japanese Arts and Cultures
	was established by the Trustees of The Robert and Lisa Sainsbury
	Charitable Trust under a Trust Deed dated 16 December 1998.
	The full name of the Trust is as above. The short name for the
	Institute is 'SISJAC'.
Trustee Selection Methods	The power of appointing University Trustees is exercisable by the
	University of East Anglia ('UEA'). The External Trustees are appointed ;
	by the continuing External Trustees with them being required I I
	to appoint those nominated by Lord Sainsbury of Turville. ;
Organisational structure of	The External Trustees are responsible for investment policy and ; -
the charity and how	management. The Trustees meet twice a year to consider reports from
decisions are made	the External Trustees on investment performance and policy, to
	receive reports on the application of the funds passed to the University
	in order to fulfil the objects of the Trust and to consider the annual
	report and financial statements.
Risk policy	The key risk to the trust fund is the volatility of market investments as
	evidenced over the past year, where the value of investments has
	fluctuated and future investment income is anticipated to be
	substantially lower. The Trustees, in consultation with and on the
	advice of their Investment Advisers, maintain a diverse and balanced
	investment portfolio to mitigate so far as possible against adverse
	risks affecting the overall value of the endowment so that the charity
	can continue to pay out the income generated to the trust beneficiary.
	At the same time, other major risks to which the trust is exposed are
	considered and, where necessary, steps are taken to mitigate and ;
	minimise those risks.
Objectives and Activities
Objects	The objects of the Trust are that the income but not the capital which
	is permanent endowment of the Trust is to be applied for charitable
	purposes connected with the advancement of education and learning
	by promoting study into the research and teaching of the culture of
	Japan, and specifically to pay the costs of employing staff and
	certain direct running costs of SISJAC at the UEA. :
Management Board	The UEA activities funded by the Institute are controlled by a
	Management Board whose constitution is determined by the lnstitute's
	Trust Deed. This Board is made up of two members nominated by
	Lord Sainsbury of Turville, the Vice-Chancellor of the University of East
	Anglia, the Director of the Institute and two academic specialists in ;
	Japanese Cultural Studies.
	The Vice-Chancellor acts as Chairman of the Board. Sir Tim Lankester . ;
	and Mr Peter Hesketh attend the Board's meetings at the invitation of
	its Chairman.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

Public Benefit Statement The Trustees confirm that they have referred to the guidance contained | | in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future — | activities (and setting the grant making policy for the year). |

Achievements and Performance

Achievements During the year the Institute distributed £355,400 (2023 - £332,598) to the UEA, which continues to support the study of Japanese Arts and Cultures. The charity had no paid staff. The Trustees believe that the charity has sufficient assets to meet its obligations. Director's Report The Sainsbury Institute celebrates its 25th anniversary in 2024 and over the summer delivered an enhanced programme of activities under the ; rubric Japan in Norwich, with well-received exhibitions and associated events in Norwich and Wells-next-the-Sea on its projects, including Nara to Norwich: art and belief at the ends of the Silk Roads, the Later Norfolk Prehistory Project, and Hokusai. The Institute also contributed to Japan­ related exhibits at the Sainsbury Centre. The Institute held a well­ ; attended 25th anniversary reception in May, welcoming many civic ; dignitaries. In autumn 2024 the Institute has events in London and Japan.

The Institute is the recipient of a Japan Foundation Award and two ; Japanese Government Foreign Minister's Commendations, one for the ; Institute as a whole and one for the Executive Director, welcome recognition of the lnstitute's achievements since 1999. The Institute is also receiving a small grant from the Japanese Embassy's Reconciliation Fund which will support activities relating to the 80th anniversary of the end of the Second World War.

In September 2023 the Institute signed an MOU with the National Institutes for the Humanities (including National Museums of Tokyo, | | Kyoto, Kyushu and Nara and both the Tokyo and Nara National Research | Institutes for Cultural Properties in Japan) which facilitates further collaborative activities.

The Institute continues to be successful with external funding, with projects supported by, among others, the British Academy, the Daiwa Anglo-Japanese Foundation, the Great Britain Sasakawa Foundation, the | Ishibashi Foundation, the Japan Foundation, the National Lottery Heritage Fund, the Toshiba International Foundation, and Yakult.

Following extensive negotiations, the Institute has extended its lease at 64 The Close for a further 15 years (from October 2024) with possible break points each five years. |

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

Director's Report (cont.)	The University of East Anglia decided to cancel the MA in
	Interdisciplinary Japanese Studies as part of its broader review of
	programmes and requirements regarding minimum numbers of students
	on courses. It was noted that this would have an adverse affect on the
	lnstitute's income (the Institute received £30,000 - £50,000 p.a. for the
	teaching provided by Institute staff). From autumn 2024 Institute staff will
	teach on the MA in Japanese Art at SOAS, one of the lnstitute's strategic
	partners, but this will not generate the same scale of income.
	The Institute continues to fulfil its mission and vision of its founding
	benefactors, and is tremendously grateful to the Gatsby Charitable
	Foundation for its ongoing support.
	Professor Simon Kaner, Executive Director, September 2024

Financial Review Reserves policy The Trustees' policy is to pay the net income to the UEA. The restricted fund as at 31 July 2024 of £21,990 has been repurposed to meet or contribute towards the costs of the move of SISJAC from The Close into the Sainsbury Centre for Visual Arts. Funds This is a grant making Trust with no direct activities, all distributable income being donated to the UEA for the purposes specified above. Therefore there are no specific activities to be reported on by the Trustees. The income of the year, all derived from stock exchange investments and cash placed on deposit was £372,463. The following grants were made out of the income of the Trust for the year ended 31 July 2024: £355,400. The net incoming resources for the year of the Unrestricted Fund after making these grants and paying other expenses was £8,364. The balance of the Unrestricted Fund at 31 July 2024 was £60,769. The University and External Trustees met twice during the year to consider the allocation of available income. The External Trustees had two further meetings with Cazenove Capital Management. The Trustees receive an annual report from the UEA on the application of funds paid to the UEA. The UEA accounts for the activities funded from the income made over to it by the Trustees within the scope of its Annual Report and Accounts.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

Investment policy	The Trustees have wide powers of investment. The objective of the i
	Trustees is to maintain a level of investment income over time that
	keeps pace with inflation.
	The Trust's permanent endowment funds are invested to generate ;
	income and provide long-term capital growth in line with relevant
	indices. The Trustees regularly meet the investment managers to
	discuss strategy and review performance. In the year under review,
	Trustees maintained a defensive investment strategy.
Investment performance	Markets performed better than anticipated, with a broader equity
	performance from a larger number of companies. Bond markets also
	performed well on the back of better inflation data and expectations
	that interest rates had peaked. The value of investments has
	increased by 6.9% compared to 2023.
	Investment income has increased by 7.3% compared to the previous l I
	year. The dividend yield appears to have stabilised around 4% p.a.,
	with dividends from companies outside the United Kingdom higher than
	than expected due to larger than expected special dividend payouts, :
	strength in Europe and Japan, and some US dollar weakness.
	The charity does not raise funds from the public.
Future Plans ~~a~~	The charity expects to continue to distribute grants in the foreseeable
	future. :
Going Concern	Having assessed the Trust's financial position and plans for the
	foreseeable future, the Trustees are satisfied that it remains
	appropriate to prepare the financial statements on the going concern
	basis. There are no material uncertainties about the charity's ability to
	continue.
Directors	The directors of HON & V Trustee Ltd are: Mr O Byrne, Mr A Collett,
	Mr D Flynn, Miss J S Portrait, Mr H Smith.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare the financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources for the period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting polices and apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 27 November 2024 and signed on their behalf by

Mr P Hesketh

Trustees

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

FOR THE YEAR ENDED31JULY2024

Opinion

We have audited the financial statements of the Sainsbury institute for the Study of Japanese Arts and Cultures for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

FOR THE YEAR ENDED 31 JULY 2024

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w .frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

FOR THE YEAR ENDED 31 JULY 2024

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this | context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the | required compliance with these laws and regulations as part of our audit procedures on the related | | financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and | || regulations to enquiry of the Trustees and other management and inspection of regulatory and legal | correspondence, if any. |

We identified the greatest risk of material impact on the financial statements from irregularities, including |

fraud, to be within the override of controls by management. Our audit procedures to respond to these || | risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, | ;

reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of ||

those charged with governance. |

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and |~: performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the |[ ; financial statements, the less likely the inherently limited procedures required by auditing standards ro [ would identify it. In addition, as with any audit, there remained a higher risk of non-detection of | irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the [ [ ror override of internal controls. We are not responsible for preventing non-compliance and cannot be : expected to detect non-compliance with all laws and regulations. :

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no [ I other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP | Statutory Auditor London

13 December 2024

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2024

			2024	2024		2023
		Unrestricted	Restricted	Permanent
		Funds	Funds	Endowment	Total	Total Funds
	Notes	£	£	£	£	£
Income and endowments from	Income and endowments from
Investment income	7	372,463			372,463	347,230
Total income and endowments		372,463			372,463	347,230
Expenditure on
Raising funds	8.1			31,539	31,539	31,608
Charitable activities	8.2	355,400			355,400	332,598
Other costs	8.3	8,699		570	9,269	11,153
Total expenditure		364,099		32,109	396,208	375,359
Net (expenditure)/income
from operations before
investment gains/(losses)	investment gains/(losses)	8,364		(32,109)	(23,745)	(28,129)
Gains/(losses) on
investments	3.1			634,515	634,515	(220,002)
Net income and capital inflow		8,364		602,406	610,770	(248,131)
Total funds brought forward		52,405	21,990	8,662,641	8,737,036	8,985,167
Balance carried forward	10	60,769	21,990	9,265,047	9,347,806	8,737,036

The notes on pages 13 to 21 form part of these financial statements.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

BALANCE SHEET

AS AT 31 JULY 2024

		2024	2023
	Notes	£	£
Fixed assets
Quoted stocks and shares	3	9,289,640	8,687,235
Total fixed assets		9,289,640	8,687,235
Current assets
Debtors and prepayments	4	29,734	27,972
Cash at bank and in hand		38,612	31,517
Total current assets		68,346	59,489
Creditors: amounts falling due within one year	5	(10,180)	(9,688)
Net current assets		58,166	49,801
Net assets		9,347,806	8,737,036
Funds of the charity:-
Unrestricted Funds	10	60,769	52,405
Restricted Funds	10	21,990	21,990
Endowment Funds	10	9,265,047	8,662,641
		9,347,806	8,737,036

The notes on pages 13 to 21 form part of these financial

statements. Approved by the Board and signed on its behalf by

)

_____ ) Mr P Hesketh )

Trustees Date ............................ . 27 November 2024

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STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

		2024	2023
	Notes	Total Funds	Total Funds
		£	£
Cashflows from operating activities:
Net cash (used in) operating activities	9	(397,478)	(374,758)
Cash flows from investing activities:
Dividends, interest and rents from investments		372,463	347,230
Proceeds from sale of investments	3.1	878,198	791,551
Purchase of investments	3.1	(820,158)	(817,662)
Net cash provided by investing activities		430,503	321,119
Change in cash and cash equivalents in the reporting
period		33,025	(53,639)
Cash and cash equivalents at the beginning of the reporting
period		114,798	168,437
Cash and cash equivalents at the end of the reporting
period		147,823	114,798
Analysis of cash and cash equivalents
UK cash held as part of investment portfolio	3.1	109,211	83,281
Cash at bank and in hand		38,612	31,517
		147,823	114,798
The notes on pages 13 to 21 form part of these financial statements.

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NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

1 Basis of Preparation

1.1

Basis of Accounting

These financial statements have been prepared in accordance with the Charities SORP 2019 (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice. The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the charities (Accounts and Reports) Regulations only to the extent required to provide a "true and fair view".

1.2 Fund accounting

The charity has a single permanent endowment fund, a restricted fund and an unrestricted fund.

1.3 Going Concern

Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis. There are no material uncertainties about the charity's ability to continue.

1.4 Public Benefit

The Trust is a public benefit entity.

2 Accounting Policies

• 2.1 Incoming resources are included in the Statement of Financial Activities (SoFA) when:

• the charity becomes entitled to the resources;

• the trustees are virtually certain they will receive the resources; and

• the monetary value can be measured with sufficient reliability.

• 2.2 Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross in the SoFA.

• 2.3 Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.

• 2.4 Incoming resources from tax reclaims are included in the SoFA at the same time as the income to which they relate.

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NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

• 2.5 Investment income is included in the accounts when receivable.

• 2.6 Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing the investments to market value at the end of the year.

• 7 Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

• 2.8 Governance costs include the cost of the preparation and examination of statutory accounts, the cost of trustee meetings and cost of any legal advice to the trustees on governance or constitutional matters.

• 2.9 Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust.

• 2.10 Investments quoted on a recognised stock exchange are valued at market value at the year end.

• 2.11 The trust is an exempt charity within the meaning of Section 519 of the Income Tax Act, 2007. Accordingly, it is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 256 of the Taxation of Chargeable Gains Act, 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

The trust receives no exemption in respect of Value Added Tax (VAT) and is not VAT registered.

• 2.12 Restricted funds are those where donors have placed restrictions on the use of the funds.

• 2.13 Endowed funds are permanent endowments where the donor has specified that the capital of the gift cannot be expended and that only the income arising from the capital may be used for the purpose named by the donor. None of these funds are available to meet the general costs of the Trust. Investment management charges and legal fees are charged to the capital of the endowed funds.

• 2.14 Sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies. No specific accounting judgements and uncertainties have been identified for the current year.

• 2.15 Cash held for reinvestment in the portfolio has been included within fixed asset investments as it is a long term investment. Other cash that is available on demand within the income accounts is included within current assets.

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NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

3	Investment Assets
		2024	2023
		£	£
3.1	Quoted Investments
	Market value brought forward	8,603,954	8,797,845
	Additions	820,158	817,662
	Disposals	(878,198)	(791,551)
	Net investment gains/(losses)	634,515	(2 0,002)
	Market value of investments before Capital account	9,180,429	8,603,954
	UK cash held as part of investment portfolio	109,211	83,281
	Market value at year end	9,289,640	8,687,235
3.2	Historical Cost
	At 31 July 2024	7,318,522
	At 1 August 2023		7,314,629
3.3	The following material investment holdings represented more than 5% of the total value of
	the charity's total investments:-
		2024	2023
		£	£
	Fidelity Global Dividend Fund	498,800	438,600
	Vanguard S&P 500 UCITS ETF	664,569	549,892
	iShares PLC - S&P 500 Index	999,337	827,325
		2,162,706	1,815,817

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NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

4	Debtors and Prepayments
		2024	2023
		£	£
	Accrued income	28,989	27,227
	Prepayments	745	745
		29,734	27,972
5	Creditors: Amounts Falling Due Within One Year
		2024	2023
		£	£
	Professional fees	7,572	7,080
	Investment management charges	2,608	2,608
		10,180	9,688
6	Transactions With Related Parties
6.1	The Trustees are considered the Key Management Personnel of the charity.
6.2	No Trustee is or has been entitled to any fee or salary (2023 - £Nil).
6.3	No Trustee has been reimbursed with any out-of-pocket expenses (2023 - £Nil).
6.4	There were no transactions with Trustees or connected persons (2023 - £Nil).

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NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

7	Analysis of Incoming Resources
		2024	2023
		£	£
7.1	Investment Income
	Income receivable on quoted investments	372,463	347,230
		372,463	347,230
8	Analysis of Resources Expended
		2024	2023
		£	£
8.1	Investment Management Fees
	Stockbrokers' management fee	31,539	31,608
		31,539	31,608
		2024	2023
		£	£
8.2	Charitable Activities
	Donations to University of East Anglia	355,400	332,598
		355,400	332,598

17

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

		2024	2023	2023
		£	£	£
8.3	Other Costs
	Legal fees	570		2,946
	Audit fees	7,572		7,080
	Insurances	1,127		1,127
		9,269	11,153
	Legal and administration fees are for services provided by BOB Pitmans LLP, a firm in which		Legal and administration fees are for services provided by BOB Pitmans LLP, a firm in which	Legal and administration fees are for services provided by BOB Pitmans LLP, a firm in which
	Mr O Byrne, Mr A Collett, Mr D Flynn and Mr H Smith were partners.
8.4	The Fund employed no staff during the year ended 31 July 2024 (2023 - none).		none).
9	Reconciliation of Cash Flows From Operating Activities
		2024	2023
		£	£	£
	Net expenditure for the year (as per Statement
	of Financial Activities)	(23,745)	(28,129)
	Adjustments for:
	Dividends, interest and rents from investments	(372,463)	(347,230)
	(Increase) in prepayments	(1,762)		(397)
	Increase in creditors	492		998
	Net cash used in operating activities	(397,478)	(374,758)

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

10 Analysis of Fund Movements

10.1		Balances				Funds
		Brought				Carried
		Forward,			Investments	Forward,
		01.08.2023	Income	Expenditure Gain/(Loss)	Expenditure Gain/(Loss)	31.07.2024
		£	£	£	£	£
a	Unrestricted Funds	52,405	372,463	(364,099)		60,769
b	Restricted Fund	21,990				21,990
C	Permanent Endowment	8,662,641		(32,109)	634,515	9,265,047
		8,737,036	372,463	(396,208)	634,515	9,347,806
10.2		Balances				Funds
		Brought Forward, 01.08.2022	Income	Expenditure	Investments Gainl(Loss)	Carried Forward, 31.07.2023
		£	£	£	£	£
a	Unrestricted Funds	45,980	347,230	(340,805)		52,405
b	Restricted Fund	21,990				21,990
C	Permanent Endowment	8,917,197		(34,554)	(220,002)	8,662,641
		8,985,167	347,230	7375,359)	(220,002)	8,737,036

• 10.3 The permanent endowment represents the value of assets held as investments arising from the original assets settled by the Trustees of the Robert and Lisa Sainsbury Charitable Trust on 16 December 1998. The income arising on these assets is available for use in accordance with the trust's objects and is included in unrestricted income.

• 10.4 The restricted fund as at 31 July 2024 of £21,990 has been previously repurposed by Trustees t meet or contribute towards the costs of the move of SISJAC from The Close into the Sainsbury Centre for Visual Arts. As SISJAC now intends to remain in its current premises at The Close Trustees propose to reevaluate the purpose of the restricted fund.

19

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

11 Statement of Financial Activities: year ended 31 July 2023

	Unrestricted	Restricted	Permanent
	Funds	Funds	Endowment	Total
	£	£	£	£
Income and endowments from
Investment income	347,230			347,230
Total income and endowments	347,230			347,230
Expenditure on
Raising funds			31,608	31,608
Charitable activities	332,598			332,598
Other costs	8,207		2,946	11,153
Total expenditure	340,805		34,554	375,359
Net income/(loss) from operations	6,425		(34,554)	(28,129)
before transfers and investment
gains
Losses on investment			(220,002)	(220,002)
Net income and capital inflow	6,425		(254,556)	(248,131)
Total funds brought forward	45,980	21,990	8,917,197	8,985,167
Balance carried forward	52,405	21,990	8,662,641	8,737,036

20

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CUL TURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

12 Analysis of Net Assets Between Funds

12.1			2024	2024
		Unrestricted	Restricted	Permanent
		Funds	Funds	Endowment	Total
		£	£	£	£
	Fixed assets/ investments		21,990	9,267,650	9,289,640
	Current assets
	Debtors and prepayments	29,734			29,734
	Cash at bank and in hand	38,612			38,612
	Current (liabilities)	(7,577)		(2,603)	(10,180)
		60,769	21,990	9,265,047	9,347,806
12.2			2023
		Unrestricted Funds	Restricted Funds	Permanent Endowment	Total
		£	£	£	£
	Fixed assets/ investments		21,990	8,665,245	8,687,235
	Current assets
	Debtors and prepayments	27,972			27,972
	Cash at bank and in hand	31,517			31,517
	Current (liabilities)	(7,084)		(2,604)	(9,688)
		52,405	21,990	8,662,641	8,737,036

13 Financial Instruments

At year end, the Fund held financial assets at fair value through income or expenditure of £9,289,640 (2023: £8,687,235) and financial liabilities at amortised cost of £10,180

(2023: £9,688). Total interest charged in respect of financial assets held at amortised cost totalled £Nil (2023: £Nil). Income in respect of assets held at fair value totalled £372,463

(2023: £347,230) and expenditure incurred was £31,539 (2023: £31,608). Gains in the period were £634,515 (2023: Losses of £220,002).

21